So @Ben,

Could you (or even other FTers if you are investment savvy) please elaborate on something. Before I ask, please note I am not an economist and not an investment guy at all, but I guess I'd like to ask this noob question.

If aircraft rent is not taken into account, let's say the airline nets prior to aircraft rent $10 million. Let's say I rent more aircraft than I need, (so say 70 instead of 30), and I rent all of these planes. Isn't removing a/c rent something that doesn't show how healthy the company is? I mean, if I did not remove the rent from 70 airplanes and 30 airplanes, one might be in the black, one might be in the red as one has 40 airplanes not being used (considering the airline only needs 30).

Please note, I understand that it's not only AC that does this, but i'm curious, in general, how one would account for overcapacity in this regard. (assuming they have parked the other 40 planes and are just paying rent).

*PS No flame please, i'm no aviation $ guru here!